An Australian themed bar in the heart of Burnley will be closing in the middle of March.
Walkabout, in Hammerton Street, has been announced as one of a “few venues” across the UK to be shutting its doors.
The company that owns the bar, inTERTAIN, said the decision has not been taken lightly, but that market conditions and rent meant the site is making a loss.
The venue opened in October 2002.
A spokesman said: “iNTERTAIN... announced plans in January to reduce its debt and increase the level of investment in its bars across the UK in order to secure the long term future of the business.
“In order to do this we needed to look at all our venues across the UK and assess their performance levels.
“Many were performing well, however a few sites were loss making, so to continue running them as they were was not viable.
“Unfortunately Walkabout in Burnley is one of those venues. Due to current market conditions and the high level of rent we have to pay, the venue is making a loss. Additionally, our trading predictions do not see any change in this situation in the near future.
“It is therefore with sadness that we can confirm that the venue is likely to close in mid-March.
“This is a very sad day for us and our staff and it is not a decision we have taken lightly. Unfortunately though, we have no choice.”